Whether your vacation home is a lakeside bungalow or a luxury condo in the mountains, owning a vacation home is your family’s opportunity for rest and relaxation. Learn why we believe insuring your vacation home is a necessity while demystifying the complex process of secondary home insurance.
Many people don’t realize that insuring a vacation property requires a completely different type of coverage than for your primary home. Without property vacation home insurance, your oasis of relaxation could be left unprotected from fire, flood or property damage.
There are a number of factors that influence what type of insurance you need to insure your vacation home. For instance, how often you use your secondary home and the way that it’s used has a direct impact on the kinds of insurance you will need. Vacation property insurance is typically provided as a “named perils” policy. This essentially means that coverage for vacation homes is not comprehensive, and owners must secure coverage for specific risks, like fires or explosions.
Vacation homeowners should consider the following types of coverage.
- Contents coverage—typically, standard home insurance policies protect any property that you transport back and forth between homes. Contents coverage fills in the gaps and protects any items that are permanently kept at your vacation home.
- Replacement cost coverage—this type of insurance works in conjunction with contents coverage and reimburses the cost of repairing or replacing an item.
- Coverage for detached private structures—many vacation homes have private structures, like boathouses and sheds, you will need to account for this.
Coverage for certain risks, like water damage, sewage backup or vandalism, may be difficult to secure or excluded altogether. As such, it’s important to contact a qualified insurance broker to help assess your needs and build a custom policy for your vacation home.
Contact our experts to find the best policy for your vacation home.